'Singles Day' generates big numbers in e-China

BEIJING, Nov. 11 (UPI) -- China's largest online store Alibaba said Monday that it had reached a holiday sales target of $5 billion, a sum that dwarfs Cyber Monday in the United States.

The New York Times said that the one company's sales for the so-called "Singles Day" holiday was about 2.5 times that of sales across the United States on its biggest e-sales event for the year.

That said, Alibaba still had some time to go, as it announced it reached the $5 billion target by 9 p.m. on Monday.

"Singles Day" is a decidedly unofficial holiday, but one that retailers seized upon when looking for a coattail to ride for an online sales holiday.

Certainly, more than just unmarried people shop online on "Singles Day," which was a casual holiday until e-commerce put it on the map. Until then, "Singles Day" was a day those who were not married could take center stage for a day to celebrate their status or weep about it, if that suited them.

It is celebrated on 11 November, because that date, numerically, is made up of four singles, as in 11/11.

But the day's original focus has been dwarfed by its new one: Shopping online.

"Chinese people love to shop. If you have the right excuse and the right occasion, they will spend money. One of the tactics to get people to buy is to create a more festive occasion," said Eric Wong, managing director for Greater China at Possible, an e-commerce consulting firm in Shanghai.

And what's a shopping holiday without discounts? "Chinese consumers are bargain-hunters, and that is what is driving the success of 11/11," said Serge Hoffmann, a partner at market research firm Bain in Hong Kong.

United Press International is a leading provider of news, photos and information to millions of readers around the globe via UPI.com and its licensing services.

With a history of reliable reporting dating back to 1907, today's UPI is a credible source for the most important stories of the day, continually updated - a one-stop site for U.S. and world news, as well as entertainment, trends, science, health and stunning photography. UPI also provides insightful reports on key topics of geopolitical importance, including energy and security.

A Spanish version of the site reaches millions of readers in Latin America and beyond.

UPI was founded in 1907 by E.W. Scripps as the United Press (UP). It became known as UPI after a merger with the International News Service in 1958, which was founded in 1909 by William Randolph Hearst. Today, UPI is owned by News World Communications.